Ethiopia’s Plan and Development Ministry on Tuesday said that it expects the country to see 6.6 percent economic growth.
It was during the National Macro Economic Council of Ethiopia’s performance evaluation for the past nine months that the ministry disclosed the projected growth.
The state television showed a video of Prime Minister Abiy Ahmed and the rest of the National Macro Economic Council members watching a PowerPoint presentation written in the English language.
The Minister for Plan and Development, Fisum Assefa, highlighted that the economy was negatively impacted by the war in North Ethiopia, the Coronavirus pandemic, and the drought situation in some parts of the country.
Also, the ministry claimed that the conflict between Russia and Ukraine, which started in February this year, “had an impact on the Ethiopian economy.”
With the rise in the price of wheat, the prime minister vowed to export wheat as of next year and cooking oil increased by 65 percent in the months of February and April thereby contributing to worsening price inflation, according to the Ministry.
On the other hand, it was indicated that Ethiopia earned over $2.9 million from export trade during the same period and another $4.5 billion from the service sector.
In related news, the Ethiopian government is considering ending subsidising fuel oil in the local market – something that is speculated to be a disastrous consequence for consumers.
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